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                SECURITIES AND EXCHANGE COMMISSION
                         Washington D.C.


Litigation Release No. 14952 / June 19, 1996
Accounting and Auditing Enforcement Release No. 794 / June 19,
1996

SECURITIES AND EXCHANGE COMMISSION v. PIERCE LOWREY, JR. AND
RICHARD ESTRIN, 95 Civ. 10242 (SHS) (S.D.N.Y.)

     The Securities and Exchange Commission announced that on
Friday, March 22, 1996, the United States District Court for the
Southern District of New York ordered the entry of a final
consent judgment of permanent injunction and other equitable
relief against Pierce Lowrey, Jr. ("Lowrey").  In a complaint
filed on December 5, 1995, the Commission alleged that Lowrey,
former chief executive officer and chairman of the board of
Information Management Technologies Corp. ("IMTECH") and former
president of IMTECH's wholly-owned subsidiary, INSCI Corp.
("INSCI"), and Richard Estrin ("Estrin"), former assistant
controller of IMTECH and general business manager of INSCI,
fraudulently inflated by material amounts the accounts
receivable, sales revenue and net income of IMTECH and INSCI in
financial statements for the year ended March 31, 1991 and the
quarter ended June 30, 1991.  These financial statements were
included in the following documents filed with the Commission and
disseminated to the public:  IMTECH's annual report and its
quarterly report; a registration statement filed by IMTECH; and a
registration statement filed by INSCI.  Lowrey and Estrin
allegedly each knowingly or recklessly participated in this
fraudulent revenue recognition scheme by recording sales revenue
prematurely and by recording revenue from fictitious sales.  In
addition, Lowrey and Estrin allegedly prepared, or directed
others to prepare, fictitious shipping documents and presented
these documents to IMTECH's outside auditors as support for the
fraudulent accounts receivable and sales revenue recorded.

Lowrey consented to the entry of a final judgment permanently
enjoining him from violating Section 17(a) of the Securities Act
of 1933 and Sections 10(b) and 13(a) of the Securities Exchange
Act of 1934 ("Exchange Act") and Rules 10b-5, 12b-20, 13a-1, 
13a-13, 13b2-1 and 13b2-2 without admitting or denying the
allegations contained in the Commission's complaint.  The final
judgment also permanently prohibits Lowrey from acting as an
officer or director of any issuer that has a class of securities
registered with the Commission pursuant to Section 12 of the
Exchange Act or that is required to file reports with the
Commission pursuant to Section 15(d) of the Exchange Act.  Last,
the final judgment orders Lowrey to pay a civil penalty of
$50,000.00 to the United States Treasury pursuant to Section
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20(d) of the Securities Act and Section 21(d)(3) of the Exchange
Act.

Simultaneous with the filing of the complaint, Estrin consented,
without admitting or denying the allegations in the complaint, to
the entry of a final judgment permanently enjoining him from
violations of Section 17(a) of the Securities Act, Section 10(b)
of the Exchange Act, and Rules 10b-5 and 13b2-1 thereunder. 
Estrin also consented to pay a civil penalty of $25,000.00.

(See Litigation Release No. 14744 for a further description of
the allegations contained in the Commission's complaint and
related settlement.  See also SEC v. Information Management
Technologies Corp. and INSCI Corp, 92 Civ. 7108 (LAP) (S.D.N.Y.
1992), LR 13398.)